Wood River times. [volume] (Hailey, Idaho) 1882-1915, 1887-07-01

white metal selling at half q crown an
ounce. 1t was also the United States
which devised and developed the best
method of handling silver in com.
merce-namely, the silver certificate.
BY means Of this ingenious and thor
oughly sound device the United
States Treasury has put into eircula.
ton nearly $15O,OOO,0OO of silver cur.
rency, not dollar of which need ever
be handled by the public. It lies in
the Treasury vaults, where it Is safer
than in the peoples pockets, and un.
dergoing great deal less wear.
When the people were asked to take
the silver dollars themselves, they
would not do it. All the Bland laws
and the Treasury regulations that
could be passed failed to force into
circulation more than thirty or forty
million dollars; but as soon as the
silver certificates were offered as an
alternative they began to be accepted
freely. and there is practically no
limit to the quantity of them which
may by degrees be got into circula-
ton.
Mr.. Manning has always been
great believer in the silver certificate,
and it is going to be the brightest
jewel in his crown as a practical
financler. He was the first to realize
its capabilities at the United States
Treasury, and he is now going to take
the lead in their development on a
world. wide scale. In future there
will be less and less necessity to
trundle about gold and silver all over
the Union for the purpose of moving
the crops or meeting exceptional de-
mands for currency. In place of the
metals themselves, gold and silver
certificates will be sent. If this great
economy of labor and expense be of
Importance as between New York
and San Francisco, or Chicago and
New Orleans, surely it will be much
more so as between markets separated
from each other by a hemisphere.
Why should London not utilize this
cheap and safe method Of remittance
in its very complicated transactions
with India? We have no need to be
jealous of New York as a silver
market, as our own ambition has
never lain that way. Our trade in
silver is mere transit trade, and
very hand-to- mouth affair at that.
When our Indian banks realize the
convenience offered by these New
York silver certificates they will very
probably begin to use them; but if
they prefer not to be dependent on
New York, what is to prevent them
adopting Mr.. Manning idea and
carrying it out for themselves?
Were they to appoint one of their
number to act as depository of silver
and an issuer of certificates, they
might have the whole system in op-
Grafton in few weeks. They would
have to decide for themselves whether
it would be more convenient to have
the depository in India or London, or
both. By-and-by the India Council,
instead of manufacturing it's own
drafts, which are merely silver certifi-
Gates in disguise, might settle its
claims on the Indian Government by
means of the certificates current in
the market. For that matter the In
dian Treasury itself might become an
issuer of silver certificates on the
same principle as the United States
Treasury, and these, when recognized
as an international form of money,
might be cashed in London, Berlin,
Paris, or New York as readily as in
Bombay or Calcutta.
The outcome of the whole question
is this-an international market for
silver is about to be created, and if
our British "gold maniacs" do not,
with their usual pig headedness and
dogmatism, try to stop the way, the
movement may develop very rapidly.
Whether they like it or not, it is des-
tined to succeed, because it is founded
on sound and sensible principles.
They may delay it for a time, but
they cannot stop it. In our opinion
it is going to be the ultimate solution
of the silver question, and will not
only put an end to the undue depre-
citation of silver, but will turn the
market very rapidly the other way
Behind these silver certificates there
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